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Friday, 30 June 2017

Five Businesses Your Elementary School Aged Child Can Start This Summer

My
sister and I have a rule – never pass a lemonade stand without buying
something. As a mom of three teenagers, I understand the importance of
teaching kids at an early age to learn what it's like to make their own
money. The problem is, as parents, we often get caught up in the fun of
doing an activity with our children and don't take advantage of these
teachable moments. Your children's first “business” is a great time to
teach them the difference between revenue and profit and to talk to
them about how to split their earnings with their siblings and friends
and other "co-workers."

With my sister JJ Ramberg, who is the host of Your Business on MSNBC, a program which covers entrepreneurship, and the founder of the company Goodshop, I recently co-wrote the book The Startup Club,
a fun early-reader book about a group of kids who start a business and
all the ups and downs that go along with it. Our intention was to
create characters who young children can use as role models when they
come up with their own ideas. And, once they’re done reading the book,
your kids will know that when they launch that company, they need to pay
you back for the supplies!

Summer is a great time for kids to spend some time creating that business. Here are five simple tried-and-true ideas for them:

1.Have a garage sale!
Have your kids set the prices and talk through that thought process
with them. You can also encourage their salesmanship during the actual
day. (not to mention, this is a great way to get them to clean their
rooms!)

2.Dog walking.
Depending on where you live, and how old your child is, you may need to
go with them on these walks, but it’s a nice way to get to spend some
outside time with them going around your neighborhood. Again, have a
conversation with them about how to set the price.

3.Lemonade stand:
An oldie but goodie. Talk to them about how to make their sign
different than any other lemonade stand and how that is called
marketing. Or have them sell something alongside the lemonade like
homemade cookies. Also, don’t buy the supplies and then bring them home
for them – have them take the lead every step of the way.

4. Design stationary:
Kids are great artists. They can draw something and you can take it to
the printer to turn it into cards. Granted, you may not be able to
sell this on the street, but they may be able to find some relatives and
some of your friends who would be interested.

5.Watch younger kids: Even
if your child is only 7, there is probably a mom or dad around who
would be thrilled for your child to play with their four year old while
they get some errands done around the house (with a watchful eye of
course).

When they earn their first money, don't forget to talk to them about the concept of Share, Save and Spend!